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V-Guard's Q1 net profit surges by 67% to Rs20.65 crores

The Board of Directors of V-Guard Industries Limited, the electronic and electrical major today considered and adopted the unaudited financial results of Company for the quarter ended 30th June, 2012.

The profit after tax for the first quarter of the fiscal 2012-13 increased toRs20.65crores, which is 67% up over the corresponding quarter of previous year. The netturnover of the Company for the first quarter was Rs329.00crores, showing an increase of 37%, from Rs240.00crores, the net turnover for corresponding quarter of the previous year.

Mithun K Chittilappilly, Managing Director of the Company said the sales growth has been driven by growth in sales of all product verticals owing to better than expected summer season. He said that margin improvement is due to better volume growth and tight cost control measures adopted by the Company.

He said that expansion work on doubling the capacity of Kashipur house wiring plant with an investment of 18 crores has been commenced. He added that the Company will set up large warehouse facilities at Perundurai and Hyderabad to augment its supply chain facilities in the respective regions.

The Company has successfully launched domestic switch gears and induction cook tops in Kerala and saidnew products will be launched in other states of the country in a phased manner.